Bitcoin, Ethereum, XRP Decline Amid Geopolitical Tensions and Market Selloff

Bitcoin (BTC) experienced a 4% decline, pushing it below the $115,000 mark. This downturn affected major altcoins, with Ethereum (ETH) and XRP dropping by 5% and 7%, respectively.

Market Influences

The crypto market decline is partly due to geopolitical tensions, specifically China's restrictions on American units of Hanwha Ocean Co., in response to US sanctions.
A previous selloff started on October 10, triggered by potential increased tariffs on China, leading to $19 billion in leveraged positions being liquidated.

Bitcoin Scenarios

If BTC falls below $110,000, it may test the $104,000 to $108,000 liquidity band, as per Timothy Misir from BRN.
Glassnode notes a consolidation phase in the market, characterized by caution and selective risk-taking.
Doctor Profit outlines three scenarios for BTC:
- Short-term: Neutral outlook; more data needed for conclusive decisions.
- Mid-term: Bearish sentiment indicating early stages of a bear phase.
- Long-term: Extremely bearish due to anticipated global economic upheaval.

As of now, Bitcoin trades slightly above its short-term support at $110,300.